Missing $6.2m Buhari Election Fund: SERAP Gives CBN Seven Days to Explain

The Socio-Economic Rights and Accountability Project, SERAP, has given the Central Bank of Nigeria seven days to explain the alleged payment of $6.23 million linked to election-related activities during the administration of former President Muhammadu Buhari.

SERAP made the demand in a letter to CBN Governor Olayemi Cardoso, requesting details of the transaction and other financial issues identified in the Auditor-General of the Federation’s 2023 Annual Report.

The organisation said the report raised questions about the circumstances surrounding the withdrawal of the funds and called on the CBN to disclose the findings of any internal investigation into the transaction.

SERAP also demanded information on the steps taken to recover the money and establish responsibility for the transaction if any wrongdoing is confirmed.

The $6.23 million was reportedly withdrawn from a CBN vault in February 2023 and was described in documents as being intended for expenses relating to foreign election observers.

The transaction has previously featured in the criminal trial of former CBN Governor Godwin Emefiele. During proceedings, prosecution witnesses testified about the withdrawal and disputed documents allegedly used to authorise the payment.

A former Secretary to the Government of the Federation, Boss Mustapha, previously told the court that his signature and that of Buhari were forged on documents purportedly approving the withdrawal.

A forensic document examiner also testified that analysis of the disputed documents showed differences between the signatures on them and genuine specimen signatures.

Emefiele has denied the allegations against him, while the case remains before the courts.

In its latest demand, SERAP said the CBN should provide a comprehensive explanation of the transaction and make relevant information available to the public.

The organisation also asked the apex bank to explain other financial issues contained in the Auditor-General’s report, including intervention funds, loans and money disbursed under the Anchor Borrowers’ Programme.

SERAP said public institutions have a responsibility to account for public resources and urged the CBN to take appropriate action where financial misconduct is established.

The organisation warned that it would consider legal action if the CBN failed to respond to its demands within seven days.

The latest development comes as scrutiny continues over the management of public funds and the circumstances surrounding the disputed $6.23 million withdrawal from the CBN in the final months of the Buhari administration.